Amid a challenging global situation, Siddharth R Dungarwal swiftly made his way into the fashion industry with a brand called Snitch. In January 2019, he established his company, which soon started gaining popularity. After so many hurdles, his brand stands at a 400 crore valuation now, aiming to reach 600 crore by the end of fiscal year 2024. This startup proved to be a huge success for a B.Com. graduate from Bangalore.
Proudly “made in India.”
Siddharth saw a need for a focused men’s clothing brand or a ‘100% Indian men’s apparel brand.’ After which, Snitch was born with the quality to match H&M or Zara and the price to match Max. His brand now caters to all males aged between 18 and 35, from Gen Z to millennials. Snitch has gained popularity for its stylish and affordable options, all proudly ‘Made in India.’ The company offers shirts, t-shirts, jeans, co-ords, shorts, trousers, etc.
A Swift Shift to D2C
After the pandemic hit hard, Siddharth knew he had to act fast. “The pandemic hit us hard, and we were stuck with a huge inventory as our B2B business was down. We wanted to make the best of this opportunity and immediately went online and started operating as a D2C brand,” shares Siddharth.
This shift to D2C (direct-to-consumer) was a turning point for Snitch. By launching their online store, they were able to connect directly with consumers. Snitch started selling directly to customers its large portfolio of 1000+ products, ranging from casual wear to formal wear for fashion-conscious men.
“The plan was to build a brand that engages customers at a personal level,” said Siddharth.
The ‘Shark Tank’ effect
The founder of Snitch bagged an all-shark deal at Shark Tank India season 2, raising 1.5 crore for 1.5% equity at a valuation of 100 crore. After that, Snitch’s revenue increased by 30%, making INR 11 crore monthly. Today, this initially bootstrapped startup is valued at $62 million.
Snitch continues to grow, with the revenue rate increasing every year. They grew from 44 crore in 2022 to 120 crore in 2023, a straight 250% hike. Projecting to close FY 2024 at Rs 600 crore.
The road ahead
The growth has been insane, but considering the obstacles Siddharth had to face, be it leaving his father’s business to start his own or transforming from B2B to D2C, it has been a roller coaster ride for him. But as the brand continues to grow, it remains committed to offering stylish and affordable clothing that follows trends and keeps up with modern men’s needs. Siddharth’s vision for Snitch is clear: to keep evolving and to continue meeting the needs of its customers, no matter what challenges come its way.
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